This article is from the Australian Property Journal archive
THE Sydney and Canberra auction markets continue to witness a spring bounce whilst Melbourne is beginning to thaw as the Victorian government relaxed restrictions further by allowing public auctions.
National
Listings were steady and clearance rates strengthened across the nation, according to Domain. There were 916 homes listed on the weekend, of which 671 were auctioned and 483 sold resulting in a clearance rate of 72%.
Volumes totalled $401.1 million and the median house and unit sale prices were $1,205,000 and $830,000.
In the previous weekend there were 956 listings, 822 auctions, 542 sales totalling $479.2 million and the clearance rate was 65.9%. This time last year the rate was 68.2% from 1,687 listings, 1,567 auctions and 1,068 sales totalling $1.21 billion and in 2018 the rate was 43.1% from 1,800 listings, 1,510 auctions and 724 sales totalling $715.6 million.
In the same weekend in 2017 clearances were 62.8% from 1,969 listings, 1,731 auctions and 1,162 sales totalling $1.32 billion; in 2016 it was 77.1% from 2,076 listings, 1,857 auctions and 1,492 sales totalling $1.27 billion; and in 2015 it was 65.6% from 2,330 listings, 2,021 auctions and 1,420 sales totalling $1.42 billion.
Sydney
Sydney preliminary clearance rates increased to 74.9%. According to Domain, of the 639 homes listed 487 went under the hammer and 365 sold totalling $329.9 million. The median house and unit sale prices were $1,370,000 and $870,000.
There were also 1,608 private sales, according to Corelogic.
AMP Capital chief economist Shane Oliver said the Sydney spring bounce continues and expects the final rate will be around 71%, which is slightly higher than the previous weekend’s 67.3% from 724 listings, 637 auctions and 429 sales totalling $403 million. This time last year the rate was 75.2% from 618 listings, 587 auctions and 442 sales totalling $579.7 million.
In the same weekend in 2018 the clearance rate was 39.8% from 561 listings, 407 auctions and 205 sales totalling $246.3 million; in 2017 it was 56.6% from 666 listings, 529 auctions and 348 sales totalling $484.6 million; in 2016 it was 79% from 629 listings, 558 auctions and 474 sales totalling $505.7 million; in 2015 it was 59.4% from 866 listings; 695 auctions and 476 sales totalling $553.6 million.
Melbourne
The market is beginning to pick up and it expected to gain momentum in the coming weeks after the state government relaxed restrictions by allow public auctions to resume with up to 10 people.
The REIV reported 113 auctions and 85 sales resulting a clearance rate of 75% and volumes of $60.99 million. This time last year the rate was 76% from 800 auctions.
The private sales market is also picking up with 190 transactions totalling $152 million.
Domain reported 138 property listings, 87 auctions and 52 sales, resulting in a 59.8% preliminary clearance rate. Volumes totalled $31.8 million and the median sale price was $855,000.
Oliver expects last weekend’s final clearance rate will be around 62%, which is higher than the previous weekend’s 57.6% from 59 listings, 33 auctions and 19 sales totalling $10.1 million. In the same weekend last year, the rate was 67.4% from 872 listings, 794 auctions and 535 sales totalling $557.2 million.
In 2018 clearances were 43.9% from 1,007 listings, 896 auctions and 414 totalling $396.3 million; in 2017 it was 68.7% from 1,047 listings, 981 auctions and 690 sales totalling $746.1 million; in 2016 it was 78.7% from 1,198 listings, 1,122 auctions and 903 sales totalling $709 million; and in 2015 it was 71% from 1,218 listings, 1,125 auctions and 819 sales totalling $788.2 million.
Canberra
The nation’s capital continues to go from strength to strength reporting clearance rates of 81%, according to Domain. Of the 43 homes listed, 37 went under the hammer and 30 sold.
Volumes totalled $21.70 million and the median sale price was $835,000.
Corelogic reported an 83% clearance rate from 56 listings, 41 auctions and 34 sales. It also recorded 68 private sales.
Brisbane
Brisbane’s clearance rate was 52%. There were 46 listings, 25 auctions and 13 sales totalling $5.22 million, according to Domain.
Across Queensland, clearances were stronger at 61%. According to Domain, of the 151 homes listed, 64 were auctioned and 39 sold. At the same time, 1,190 private sales were reported.
Adelaide
The city of churches reported a 66% rate on the weekend from 50 listings, 35 auctions and 23 sales, according to Domain. Volumes totalled $12.27 million and the median price was $800,000.
Corelogic reported 75% rate for South Australia from 78 listings, 32 auctions and 24 sales. It also reported 317 private sales.
Perth
In Western Australia clearances were 63% from 23 listings, eight auctions and five sales, according to Corelogic. There were also 600 private sales.
Hobart
Tasmania did not report any auctions on the weekend but there were 196 private sales, according to Corelogic.
Darwin
In the Northern Territory there were three listings, two auctions and one sale. At the same time, 24 homes sold privately, according to Corelogic.
| Auction highlights this week Saturday, 17 October 2020 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 3 Graham Av, Pymble NSW 2073, 0 br House, LJH Gordon | $6,000,000 |
| Melbourne | 29 Ferrars Pl, South Melbourne VIC 3205, 3 br House, Belle Property Albert Park | $2,253,000 |
| Adelaide | 59 Davenport Tce, Wayville SA 5034, 3 br House, Turner Real Estate | $1,309,000 |
| Brisbane | 7 Salisbury St, Indooroopilly QLD 4068, 4 br House, Doug Disher Real Estate | $1,191,000 |
| Canberra | 58 Mueller St, Yarralumla ACT 2600, 5 br House, Peter Blackshaw Manuka, Projects | $1,660,000 |
| Most affordable | ||
| Sydney | 11/872-876 Canterbury Rd, Roselands NSW 2196, 2 br Unit, Richard Matthews RE | $395,000 |
| Melbourne | 307/204 High St, Preston VIC 3072, 2 br Unit, RW Preston | $445,000 |
| Adelaide | 81 Lyons Rd, Windsor Gardens SA 5087, 2 br House, Davin Real Estate | $345,000 |
| Brisbane | 16 Bateson Rd, Mount Nebo QLD 4520, 2 br House, RW Samford | $300,000 |
| Canberra | 30/42 Lhotsky St, Charnwood ACT 2615, 3 br House, Blackshaw Gungahlin | $440,000 |
